HOBOKEN— SJP Properties, in partnership with USAA Real Estate Company, broke ground on Monday for a new 14-story, 500,000 square-foot retail and office building on the waterfront near the W Hotel. Waterfront Corporate III is the last phase of SJP’s 1.5 million-square-foot, three building office and retail complex.

Pearson, the world’s largest learning company, signed a lease earlier this year to be the site’s lead tenant, occupying 200,000 square feet. They will relocate over 900 jobs.

After the ground breaking, Mayor Dawn Zimmer along with representatives from SJP Properties, Pearson, the Port Authority of New York and New Jersey, and more, spoke at a ceremonial lunch inside the W Hotel.

Will Ethridge, CEO of Pearson North America, presented a $25K donation check to Mayor Zimmer for Connors School, which was badly ravaged by hurricane Sandy.

Freeholder Anthony Romano and Councilwoman Theresa Castellano were also in attendance.